South Korean authorities have met in order to discuss possible regulations to control activities related to cryptocurrencies. This comes after a 140% in the price of Bitcoin (BTC) just this year. This is according to a local news outlet called KBS that published an article on the matter on May 28.
South Korean Regulators Discuss Crypto Regulations
According to sources related to the matter, after the recent Bitcoin price surge, authorities decided to meet and discuss how to control the crypto market and avoid users to be affected by scammers and fraudulent schemes.
The meeting was led by the Minister of the Office for Government Policy Coordination, Noh Hyeong-ouk. Since April, Bitcoin’s price grew more than 120% and since the beginning of the year, the digital currency moved 140%. Some experts are comparing this price action to the bull market experienced by Bitcoin in 2017.
Some of the officials that were present at the meeting include the Ministry of Economy and Finance, the Justice Ministry and the Financial Services Commission (FSC). The goal is to closely follow the crypto market and how it behaves in the future. It is worth mentioning that South Korea decided to impose tighter regulations on the crypto market when Bitcoin surged in 2017.
Some of the decisions imposed by South Korean authorities in 2017 include the total ban of Initial Coin Offerings (ICOs), and enhanced KYC and AML policies for crypto exchanges. Now, the government wants to reduce the negative effects that a market crash could have on investors. At that time, there were several scammers and fraudsters trying to gather funds from investors. Some of these companies and schemes were just created to steal users funds.
South Koreans are very active in the cryptocurrency market. The Korean won is one of the most traded fiat currencies against Bitcoin, meaning that South Korean nationals are exposed to the fluctuations of the crypto market.
Earlier this year, the South Korean government suggested it could impose a total ban on digital currencies after some comments that Park Sang-ki, the head of the Justice Ministry, gave during a speech. Because of this situation, several investors located in the country decided to move their funds to other digital currency platforms.
There are several regulations that are implementing clear and friendly crypto regulations in order to attract a larger number of investors and companies.
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